I am a 21 year old single dependant, expecting to earn about 2000$ for the 2007 year. I had zero earnings for the previous year. I believe I am tax exempt -- how do I fill out my W-4 to garuntee the least money is taken from my check? Need help for all lines (sans personal information)
2007-07-06 09:09:58 · 7 answers · asked by Michael 2 in Business & Finance ➔ Taxes ➔ United States
Michael, do the following:
line 5: either 1 or 0, won't matter
line 6: $0
line 7: exempt
That's it.
I'm sorry, Missfb, and the guy under her are misinformed. If indeed the $2000 is correct, you are exempt. I've done taxes for over 30 years professionally.
2007-07-06 10:28:02 · answer #1 · answered by Nifty Bill 7 · 1⤊ 1⤋
redvelvetflame's rant is totally uncalled for on this question - especially since she is flat out wrong with her answer. If you make $2000 from a job, and that's your only income for the year, you are exempt for federal taxes. Period. $2000 is far below the limit where you'd be taxed. For 2006 that limit was $5150 for a dependent - for 2007 it's a little higher.
And being a high school student, college student, or neither doesn't matter - it's how much you make that decides whether you are exempt.
Depending on where you live, you might or might not have state or local tax liability. And of course you'll also have 7.65% deductioned for social security and medicare.
2007-07-06 18:58:20 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
you are not tax exempt! Very few people can claim exemption. If you fill out your w4 to have the least amount taken out, the government will just make you pay when you file your taxes---they base what you pay off of how many dependants (kids basically) you have, and things like that. Just because you have themtake less out does not mean that you get to keep that money. You will owe when you file! Trust me
2007-07-06 09:24:15 · answer #3 · answered by Anonymous · 1⤊ 1⤋
If $2000 is correct, then you can claim exempt since you are not going to make enought to need Federal Taxes withheld.
2007-07-06 13:58:41 · answer #4 · answered by Steve 6 · 1⤊ 0⤋
No working American is "tax-exempt." Everyone pays taxes. My advice would be to claim zero, since it sounds like you do not have kids. Claiming zero means you have zero dependants, and therefore, you would be claiming zero. This means you would have less taxes taken out of your check.
2007-07-06 09:48:22 · answer #5 · answered by banishedman 1 · 1⤊ 1⤋
You would only be tax-exempt if you were a high school student working. Claim on your W-4 one ("1") tax exemption for yourself and filing status single.
2007-07-06 09:14:12 · answer #6 · answered by Anonymous · 0⤊ 2⤋
You would be able to claim EXEMPT status on your Form W-4 based upon the information provided. Ignore those who say you can't. They don't know what they are talking about.
2007-07-06 10:49:36 · answer #7 · answered by Bostonian In MO 7 · 2⤊ 1⤋